CDC Software's best-known products are Ross ERP and Pivotal CRM. The Supreme Court of the State of New York imposed $150,000 in sanctions on the company for submitting false testimony in a deposition and affidavit. On June 29, the court also indicated it was considering sanctions against Yip based on his deposition and affidavit testimony. This stems from a suit by Evolution, which holds about $42.2 million in convertible notes. Last fall, CDC Software declared the notes were invalid just before Evolution attempted to redeem them. Evolution sued and was recently granted a motion for summary judgment in which it claimed $68 million in damages. CDC countersued and sought nearly $800 million in real and punitive damages. The court also found that CDC "willfully disregarded its discovery obligations" and "advanced factually and legally unsupportable defenses and claims intended to frustrate Evolution's enforcement of the notes at issue in this matter," according to an SEC document filed by CDC. On July 14, the court barred CDC from transferring or disposing of assets before it enters a final judgment. Chairman John Clough is acting as interim CEO while a board committee investigates Yip, who remains as vice chairman. Because of this situation, the company says it is unable to file its annual report with the SEC.